It is being widely reported that Barclays will announce the formation of its own bad bank next week. The bank has recently exited all commodities business and continues to streamline its investment banking division. The bank announced a portfolio of assets called Exit Quadrant last year and this £54 billion pool of assets is expected to make up the core of the bad bank portfolio.
The Financial Times has also reported today that Barclays' retail businesses in Spain, Portugal, Italy and France will also be added to the portfolio.
It is expected that Eric Bommensath, the current co-CEO of corporate and investment banking at Barclays will oversee the new unit.
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